Senate Democrats probe Trump advisor Steve Witkoff over WLFI ties

Trump’s Middle East envoy, Steve Witkoff, is under pressure from lawmakers over his crypto involvement and links to World Liberty Financial (WLFI).

Summary

• Eight Senate Democrats have sent a letter to Trump appointee Steve Witkoff over his crypto holdings.
• Senators argue his last disclosure shows ownership in four crypto-related entities, raising conflict-of-interest concerns.
• Witkoff has until Oct 31 to respond to the Senate’s request for clarification.

Senate Democrats are turning up the heat on Steve Witkoff, President Donald Trump’s special envoy to the Middle East, over his continued involvement in cryptocurrency ventures.

Per an Oct. 22 Fortune report, eight Democratic senators sent a letter demanding clarification on why Witkoff’s latest ethics disclosure still shows ownership in crypto-related entities, including the Trump-linked digital WLFI.

“Your failure to divest your ownership in these assets raises serious questions about your compliance with federal ethics laws and, more importantly, your ability to serve the American people over your own financial interests,” the senators wrote.

Witkoff had co-founded World Liberty Financial with Trump in 2024 and was previously reported to be divesting his interest. While he has sold off a $120 million stake in his real estate company, his latest Aug. 13 disclosure reportedly revealed he still holds crypto assets through multiple vehicles. These include World Liberty Financial, WC Digital Fi LLC, and two other crypto-related entities tied to him and his family: WC Digital SC LLC and SC Financial Technologies LLC.

Senators argue that Witkoff’s continued financial ties to crypto could conflict with his diplomatic duties in the Middle East, especially given World Liberty Financial’s business links to the U.A.E. They have requested a detailed response by Oct. 31, pressing Witkoff to clarify how he plans to resolve the perceived conflict of interest.

Trump faces criticism over WLFI, broader crypto involvement

The latest controversy adds to a broader political storm surrounding crypto involvement among public officials. U.S. President Donald Trump has also come under fire, especially from Democratic Senator Elizabeth Warren, over the Trump family’s involvement in the newly launched World Liberty Financial (WLFI) token.

Warren labeled the project “corruption, plain and simple,” and warned that inadequate regulations allow public officials to exploit their influence for personal financial gain.

Meanwhile, recent reports show that Trump and his family have earned at least $1 billion from various crypto-related ventures in the past year alone. These include digital trading cards, meme coins, stablecoins, WLFI tokens, and DeFi platforms. Critics argue that such deep involvement in digital assets raises serious ethical concerns, especially given Trump’s role as president.

Despite mounting questions over conflicts of interest, the White House has dismissed the allegations, insisting that President Trump separates business ventures from his political activities. Still, the issue continues to fuel calls for tighter oversight of how elected officials engage with the digital asset sector.